Ooredoo FinTech given PayPal withdrawal license

In order to bring the PayPal service to Maldives, Ooredoo FinTech has been given the Inward Remittance License for PayPal transactions from the Maldives Monetary Authority (MMA).

The license was given to Ooredoo in a ceremony held at MMA by their Governor Ahmed Munawar. The license was received by Independent, Non-Executive Director and Chairperson Fatima Sultan R S Al-Kuwari and Ooredoo FinTech Maldives CEO and Managing Director Khalid Hassan Al-Hamadi.

At the ceremony, the Ooredoo MD said that the importance Ooredoo places on establishing a digital economy will only be empowered by MMA's actions.

Ooredoo stated that the efforts of M-Faisaa in strengthening the Digital Financial System will become even more well-rounded with the license. The license will expand Ooredoo's services, and play an important role in the company's work regarding the facilitation of easier M-Faisaa wallet transfers.

With the license, parties such as freelancers, small businesses, families that are reliant on international transactions for revenue and aid can use PayPal to receive money.

Ooredoo said that with the ability to receive remittance from other countries, the opportunity to directly transfer money to the M-Faisaa wallet will be available soon.

Ooredoo is playing an important role in bringing about a digital change, with M-Faisaa services such as bill payment, merchant QR transactions, domestic transfers and international remittance being readily available in a wider scope.